Of the people, but not for the people

This is it, folks... We've lost control of our government.

You guys will remember this little thing we liked to call the TARP, right? Everybody got their britches in a bundle over the "unprecedented" amount of $700 BILLION to be loaned to Wall Street to ostensibly avoid worldwide economic collapse.. Nobody liked it, but at that time, Bush was the lamest of ducks with at least one foot out the door and something [supposedly] HAD to be done.

That the economy eventually collapsed in every realistic and measurable way is irrelevant, but I certainly had to bring it up.

Notice my use of the quotes around "unprecedented" in the paragraph above. I use these quotes because there was plenty of precedence. In fact, the very same banks we bailed out were already into us for a LOT more than $700 BILLION at that time!

Prior to the TARP, the Fed had already made loans to the banks at a total cost that amounted to $7.77 TRILLION! In your face, puny little $700 BILLION.

Bullet points. Too frustrated to make paragraphs:

Magnitude

• $7.7 TRILLION is more than half the value of everything our country produced that year
• Our 6 largest banks turned their share into $13 BILLION in profit
• Morgan Stanley alone borrowed enough ($107 BILLION) to pay off a tenth of nation's delinquent mortgages
• Bank of America took $91.4 BILLION of these secret loans while simultaneously taking $45 BILLION from the TARP funds
• Banks that were declared too big to fail grew even larger
  
• Our largest banks enjoyed more profits in the last 2.5 years than they did in the 8 years preceding the crisis
• All the while, they continue to spend MILLIONS lobbying to derail or weaken laws designed to keep them in check
  

Transparency

• The loans to the banks were undisclosed
  
• The profits earned by the banks were undisclosed
• Shareholders, the "owners" of the banks were not told (Where did the profits go?!?)
  
• Taxpayers, the people that have given the authority to the Fed to watch over our money were not told
• Congress, which was actively writing an overhaul to our financial regulatory system was not told
• These loans were provided with no protections or guarantees for the taxpayers
  

THEY LOANED OUR MONEY VALUED AT MORE THAN HALF OF EVERYTHING OUR COUNTRY CAN MAKE IN A YEAR TO PRIVATE COMPANIES WITHOUT EVER TELLING ANYONE! The Fed knew, the Bank Managers knew. Not even the owners of the banks knew!

THIS is whyipaytaxes.
read more:Wall Street Banks Earned Billions In Profits Off $7.7 Trillion In Secret Fed Loans Made During The Financial Crisis(tp)